GBPJPY 4hr

Potential Head and Shoulders on GBPJPY. A measurement from the top of the head to the neckline would line up nicely with the weekly zone that was recently broken.

Trade active:

Short from 151.44 at the retest of shoulder resistance shortly after posting the initial idea. 2/3 of my position was taken off around 151.10. The rest is being trailed and in profit.

Trade active:

Was trail stopped out of the 151.44 short from earlier, but re=shorted at 151.01 on the most recent push back up. Just tagged 1:1 so I'm rolling my stop to breakeven. Last hourly candle was strong coming off the support zone.

Comment:

Breakeven on the last trade, but liked the level and setup so I adjusted my position size and re-shorted at 150.998 with a wider stop to allow for some extra wiggle room if it wants to come back up into the 151s again for a little action. Don't expect much else to happen today as it's the end of the week.
This is a general idea of the trade and what I anticipate. Nothing's set in stone and not advice. Just my opinion and what I'm willing to risk to see if this trade will play out in my favor.

Comment:

Still in my 150.998 position with my stop trailed in profit. Added this morning again at 150.228. See the chart below for reasons for that entry.